SYRIA: The bustle at one of the Syria's biggest street markets is still the same despite a 10-month political crisis in the country, but sellers say international sanctions are hitting people's pockets

Record ID: 280169

  • Title: SYRIA: The bustle at one of the Syria's biggest street markets is still the same despite a 10-month political crisis in the country, but sellers say international sanctions are hitting people's pockets
  • Date: 22nd January 2012
  • Summary: WOMEN WALKING THROUGH MARKET
  • Embargoed: 6th February 2012 12:00
  • Keywords:
  • Location: Syrian Arab Republic
  • Country: Syria
  • Topics: Economic News,Politics
  • Reuters ID: LVARMI8KYV7IKAXO1U0LPRDXY9H
  • Story Text: The Hamadiya Souk is the central street market in the Syrian capital and has long been a hub for the city's shoppers.
    Everything from electronics to spices can be purchased at Hamadiya and buyers are still thronging the market's ancient hallways despite the country's 10-month long political crisis on Saturday (January 21).
    The Arab League, Turkey, the European Union and the United States have all imposed sanctions on Syria for a bloody government crackdown on protesters.
    On Monday, the EU is expected to expand the list of people and Syrian companies targeted by EU sanctions.
    Sellers say the sanctions and market uncertainty have been affecting sales.
    "In general we couldn't say that there was no business the whole week. But it has gone down. There has been an obvious decline that has affected everybody, especially during this situation we are in. But I hope everything starts to get better," seller, Hassan al-Ashkar, said.
    Syria said on Friday that Western sanctions on Syrian oil exports have cost the country $2 billion since September.
    It describes the sactions as unfair and illegal.
    A managed float of the Syrian exchange rate is planned for next week in an attempt to bolster the economy after the Syrian pound reached a record low of 70 to the U.S. dollar on the black market this week.
    Many locals are hoping things will start to turn around.
    "It has not only affected me but all the market stalls. And the sanctions imposed by the Arab League on Syria have affected the situation and played a big role. But since the country is self sufficient and it doesn't owe any money, we could get through it. But this year doesn't even compare with last year. Before the crisis there was a large trade in Syria," fabric seller, Ghyath Diab, said.
    While the atmosphere at the Hamadiya market is calm, elsewhere in the country unrest and violence continues.
    Bomb blasts killed at least 14 prisoners travelling in a security vehicle in northwest Syria on Saturday and troops fought rebels elsewhere.
    Currently there is a lack of consensus in the Arab League and the world on how to halt the bloodshed.
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